Tether has signed a memorandum with Brazilian renewable energy provider Adecoagro to begin Bitcoin mining projects using surplus energy resources.
Agreement Between Tether and Adecoagro
Recently, Tether entered into a memorandum of understanding with Adecoagro to develop Bitcoin mining projects. According to Adecoagro, the company aims to utilize mining projects as a way to strategically enhance its exposure to Bitcoin.
Strategic Importance of Bitcoin for Adecoagro
Adecoagro stated that it views Bitcoin as a potential source of long-term value akin to its agricultural assets. Adecoagro CEO Mariano Bosch noted that the project will help stabilize a portion of the energy sold on the spot market while providing the potential for profit from rising Bitcoin prices.
Tether's Expansion in Mining Sector
Since early 2023, Tether has already begun mining in Uruguay and Paraguay, utilizing their renewable energy resources. Over its existence, the company has also supported mining initiatives in El Salvador and invested in Bitcoin mining companies. Tether is considered one of the most profitable enterprises based on employee count, generating billions in profits against its stablecoin reserves, predominantly made up of U.S. Treasuries.
The signing of the memorandum between Tether and Adecoagro highlights the strategic perspective on Bitcoin as an asset that could provide long-term value while utilizing surplus energy.
